Urbanfund Corp.

August 29, 2007 16:34 ET

Urbanfund Corp. Reports Financial Results for the Quarter Ended June 30, 2007

TORONTO, ONTARIO--(Marketwire - Aug. 29, 2007) - Mitchell Cohen, President of Urbanfund Corp. (TSX VENTURE:UFC) (the "Company"), confirmed today that the Company has filed interim financial results for the quarter ended June 30, 2007.

For the three-month period ended June 30, 2007, the Company reported net income of $358,221 and net income per common share of $0.035 compared with a net loss of $120,347 and a net loss per common share of $0.012 for the corresponding three-month period in 2006.The net income was attributable to the gain on the sale of its 5% interest in Laval Armand Properties Limited that closed on April 18, 2007. Total revenue in the quarter was $822,246, which was comprised of rental revenue of $307,574 and gain on sale of real estate in the amount of $514,672.

The Company's revenues decreased slightly in the six months ended June 30, 2007 to $624,483 compared with revenues of $629,663 for the corresponding period in 2006. Although rental expenses decreased during the period, general & administrative costs increased as a result of the disposition of the 5% interest in Laval Armand Properties Ltd. and to satisfy the costs related unexpected regulatory requirements and a change of the Company's auditor.

The following table highlights selected financial information for the Company's past eight quarters:

Net Income
Per Common Share
Quarter ended Revenue Net (Loss) (basic)(1)
June 30, 2007 $822,246 $447,085 0.044
March 31, 2007 $316,909 ($88,864) (0.009)
December 31, 2006 $342,777 ($343,548) (0.024)
September 30, 2006 $345,609 ($86,522) (0.008)
June 30, 2006 $334,337 ($120,347) (0.012)
March 31, 2006 $316,139 ($51,560) (0.005)
December 31, 2005 $306,844 ($26,782) (0.003)
September 30, 2005 $338,890 ($67,050) (0.005)

For comprehensive disclosure of the Company's performance during the quarter ended June 30, 2007 and its financial position as at that date, reference should be made to the Company's consolidated interim financial statements for the quarter ended June 30, 2007, the notes thereto and management's discussion and analysis thereon, which have been filed with applicable securities regulators on SEDAR at www.sedar.com.

Urbanfund Corp. is a Toronto-based real estate development and operating company. The Company's focus is to identify, evaluate and invest in real estate or real estate related projects. All of the Company's assets are located in Toronto, Ontario. The Company's strategy going forward remains committed to seek accretive real estate or real estate-related opportunities.

Urbanfund Corp. is a TSX Venture exchange listed real estate company based in Toronto. The Company's common shares trade under the symbol UFC.

This press release contains forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. When used herein, words such as "intend" and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on assumptions by and information available to the Company. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include such risks and factors as are detailed from time to time in the Company's periodic reports filed with the Ontario Securities Commission and other regulatory authorities. Actual results may differ materially from those currently anticipated. The Company has no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The TSX Venture Exchange does not accept responsibility for the adequacy or the accuracy of this release.

Contact Information

  • Urbanfund Corp.
    Mitchell Cohen
    (416) 361-5000
    Urbanfund Corp.
    Steve Isenberg
    (416) 603-4343